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Tivoli A/S

TIV.CO
50
Leisure · Consumer Cyclical
Price
kr 628.00
+2.00 (+0.32%)
Market Cap
kr 3.59B
Exchange
NASDAQ Copenhagen
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Weak
Cash Flow
Strong
Stability
Exceptional
Valuation
Weak
Dividends
Weak

§Winston Score History

The full picture

Based in Copenhagen, Denmark, Tivoli A/S is an entertainment and hospitality group founded in 1843. The company is primarily known for operating and maintaining its extensive gardens, which offer a diverse range of attractions including amusement rides, interactive games, live performances, special events, and musical concerts. Beyond its core entertainment offerings, Tivoli A/S manages various dining establishments. Its premium hospitality segment features the 5-star Nimb Hotel, a boutique accommodation comprising 38 rooms, and the Nimb Club, which provides fitness facilities, a swimming pool, and a spa. The Nimb brand encompasses a total of 12 restaurants and retail outlets. Furthermore, the company generates revenue through leasing commercial spaces such as stalls, shops, additional restaurants, and the Tivoli food hall.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-31.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

kr 27M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Tivoli A/S is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 5.7M (2021) → 5.7M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
63.4%
Premium pricing power — 63.4% gross margin
Profit after running costs
Operating Margin
16.6%
Healthy — 16.6% operating margin
Return on the money invested
ROCE
10.8%
Below par — 10.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+4.5%
Slow sales growth (+4.5% YoY)
Profit growth
EPS YoY
-7.6%
Earnings shrinking (-7.6% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
210%
Turns 210% of profit into real cash
Spare cash per sale
FCF Margin
1.3%
Thin free cash flow (1.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.35
Conservative — low debt load (0.35)
Covers its interest
Interest Cover
29.25x
Comfortably covers interest (29.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
35.3x
Pricey — P/E 35.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
0.88%
Small dividend — 0.88% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-41.8%
Dividend cut (-41.8% YoY) — warning sign

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